Christie's

Christie's is a British auction house founded in 1766 by James Christie. Its main premises are on King Street, St James's in London, at Rockefeller Center in New York City and at Alexandra House in Hong Kong. It is owned by Groupe Artémis, the holding company of François-Henri Pinault. Sales in 2015 totalled £4.8 billion (US$7.4 billion). In 2017, the '' Salvator Mundi'' was sold for $400 million at Christie's in New York, at the time the highest price ever paid for a single painting at an auction.

History

Founding

The official company literature states that founder James Christie (1730–1803) conducted the first sale in London, England, on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766. However, other sources note that James Christie rented auction rooms from 1762, and newspaper advertisements for Christie's sales dating from 1759 have also been traced. After his death, Christie's son, James Christie the Younger (1773–1831) took over the business.

20th century

Christie's was a public company, listed on the London Stock Exchange, from 1973 to 1999. In 1974, Jo Floyd was appointed chairman of Christie's. He served as chairman of Christie's International plc from 1976 to 1988, until handing over to Lord Carrington, and later was a non-executive director until 1992. Christie's International Inc. held its first sale in the United States in 1977. Christie's growth was slow but steady since 1989, when it had 42% of the auction market.Carol Vogel (11 February 1997)
At the Wire, Auction Fans, It's, It's . . . Christie's!
''The New York Times''.

In 1990, the company reversed a long-standing policy and guaranteed a minimum price for a collection of artworks in its May auctions. In 1996, sales exceeded those of Sotheby's for the first time since 1954. However, profits did not grow at the same pace;Carol Vogel (19 May 1998)
Frenchman Seeks the Rest Of Christie's
''The New York Times''. from 1993 through 1997, Christie's annual pretax profits were about $60 million, whereas Sotheby's annual pretax profits were about $265 million for those years.Carol Vogel (19 February 1998)

''The New York Times''.

In 1993, Christie's paid $12.7 million for the London gallery Spink & Son, which specialised in Oriental art and British paintings; the gallery was run as a separate entity. The company bought Leger Gallery for $3.3 million in 1996, and merged it with Spink to become Spink-Leger. Spink-Leger closed in 2002. To make itself competitive with Sotheby's in the property market, Christie's bought Great Estates in 1995, then the largest network of independent estate agents in North America, changing its name to Christie's Great Estates Inc.

In December 1997, under the chairmanship of Lord Hindlip, Christie's put itself on the auction block, but after two months of negotiations with the consortium-led investment firm SBC Warburg Dillon Read it did not attract a bid high enough to accept. In May 1998, François Pinault's holding company, Groupe Artémis S.A., first bought 29.1 percent of the company for $243.2 million, and subsequently purchased the rest of it in a deal that valued the entire company at $1.2 billion. The company has since not been reporting profits, though it gives sale totals twice a year. Its policy, in line with UK accounting standards, is to convert non-UK results using an average exchange rate weighted daily by sales throughout the year.Scott Reyburn (17 July 2012)
Rothko, Private Sales Help Boost Christie's Revenue 13%
'' Bloomberg''.

21st century

In 2002, Christie's France held its first auction in Paris.

Like Sotheby's, Christie's became increasingly involved in high-profile private transactions. In 2006, Christie's offered a reported $21 million guarantee to the Donald Judd Foundation and displayed the artist's works for five weeks in an exhibition that later won an AICA award for "Best Installation in an Alternative Space". In 2007 it brokered a $68 million deal that transferred Thomas Eakins's '' The Gross Clinic'' (1875) from the Jefferson Medical College at the Thomas Jefferson University in Philadelphia to joint ownership by the Philadelphia Museum of Art and the Pennsylvania Academy of the Fine Arts. In the same year, the Haunch of Venison gallery became a subsidiary of the company.

On 28 December 2008, '' The Sunday Times'' reported that Pinault's debts left him "considering" the sale of Christie's and that a number of " private equity groups" were thought to be interested in its acquisition. In January 2009, the company employed 2,100 people worldwide, though an unspecified number of staff and consultants were soon to be cut due to a worldwide downturn in the art market; later news reports said that 300 jobs would be cut. With sales for premier Impressionist, Modern, and contemporary artworks tallying only US$248.8 million in comparison to US$739 million just a year before, a second round of job cuts began after May 2009.

In 2012, Impressionist works, which dominated the market during the 1980s boom, were replaced by contemporary art as Christie's top category. Asian art was the third most lucrative area. With income from classic auctioneering falling, treaty sales made £413.4 million ($665 million) in the first half of 2012, an increase of 53% on the same period last year; they now represent more than 18% of turnover. The company has since promoted curated events, centred on a theme rather than an art classification or time period.

As part of a companywide review in 2017, Christie's announced the layoffs of 250 employees, or 12 percent of the total work force, based mainly in Britain and Europe.Scott Reyburn (8 March 2017)
Christie’s to Close a London Salesroom and Scale Back in Amsterdam
''The New York Times''.

In June 2021, Christie’s Paris held its first sale dedicated to women artists, most notably Louise Moillon's ''Nature morte aux raisins et pêches''.

Commissions

From 2008 until 2013, Christie's charged 25 per cent for the first $50,000; 20 per cent on the amount between $50,001 and $1 million, and 12 per cent on the rest. From 2013, it charged 25 per cent for the first $75,000; 20 per cent on the next $75,001 to $1.5 million and 12 per cent on the rest.

Locations

In January 2009, Christie's had 85 offices in 43 countries, including New York City, Los Angeles, Paris, Geneva, Houston, Amsterdam, Moscow, Vienna, Buenos Aires, Berlin, Rome, South Korea, Milan, Madrid, Japan, China, Australia, Hong Kong, Singapore, Bangkok, Tel Aviv, Dubai, and Mexico City.

Europe

Christie's main London saleroom is on King Street in St. James's, where it has been based since 1823. It had a second London saleroom in South Kensington which opened in 1975 and primarily handled the middle market. Christie's permanently closed the South Kensington saleroom in July 2017 as part of their restructuring plans announced in March 2017. The closure was due in part to a considerable decrease in sales between 2015 and 2016 in addition to the company expanding its online sales presence.

In early 2017, Christie's also announced plans to scale back its operation in Amsterdam.

Americas

In 1977, the company opened its first international branch on Park Avenue in New York City in the Delmonico’s Hotel grand ballroom on the second floor; in 1997 it took a 30-year lease on a space in Rockefeller Center for $40 million.

Until 2001, Christie's East, a division that sold lower-priced art and objects, was located at 219 East 67th Street. In 1996, Christie's bought a townhouse on East 59th Street in Manhattan as a separate gallery where experts could show clients art in complete privacy to conduct private treaty sales.

Christie's opened a Beverly Hills salesroom in 1997. In April 2017, in moved to a two-story flagship space in Beverly Hills, designed by wHY.

Asia

Christie's has been operating a space in Hong Kong's Alexandra House since 2014. In 2021, the company announced plans to move its Hong Kong headquarters to the Zaha Hadid-designed luxury tower The Henderson in 2024, where it will launch year-round auctions. Measuring more than over four storeys, the new space, which incorporates a permanent saleroom and galleries, is comparable in size to Christie’s London headquarters.

Notable auctions

* In 1848 the sale of the contents of Stowe House after the bankruptcy of the Duke of Buckingham and Chandos was one of the first and most publicised British country house contents auctions. The sale raised £75,400 and included the Chandos portrait of William Shakespeare.
* The 1882 sale of the Hamilton Palace auction, Christie's famously auctioned off a Bugatti Royale automobile for a world record price of £5.5 million.
* In May 1989, Pontormo's ''Portrait of a Halberdier'' was sold to the J. Paul Getty Museum for $35.2 million, more than tripling the previous auction record for an Old Master painting.
* On 11 November 1994, the Codex Leicester was sold to Bill Gates for .
* In 1998, Christie's in New York sold the famous Archimedes Palimpsest after the conclusion of a lawsuit in which its ownership was disputed.
* In November 1999, a single strand necklace of 41 natural and graduated pearls, which belonged to Barbara Hutton, was auctioned by Christie's Geneva for $1,476,000.
*In June 2001, Elton John sold 20 of his cars at Christie's, saying he didn't get the chance to drive them because he was out of the country so often. The sale, which included a 1993 Jaguar XJ220, the most expensive at £234,750, and several Ferraris, Rolls-Royces, and Bentleys, raised nearly £2 million.
* In 2006, a single Imperial Qing Dynasty porcelain bowl, another item which belonged to Barbara Hutton, was auctioned by Christie's Hong Kong for a price of $22,240,000.
* On 16 May 2006, Christie's auctioned a Stradivarius called The Hammer for a record US$3,544,000. It was, at that time, the most paid at public auction for any musical instrument.
* In November 2006, four celebrated paintings by Gustav Klimt were sold for a total of $192 million, after being restituted by Austria to Jewish heirs after a lengthy legal battle.
* In December 2006, a copy of the black dress worn by Audrey Hepburn in the film '' Breakfast at Tiffany's'' was sold for £467,200 at Christie's South Kensington.
* In 2006, controversy arose after Christie's auctioned off artefacts known to be looted from Bulgaria.
* In November 2007, an album of eight leaves, ink on paper, by China's Ming Dynasty court painter Dong Qichang was sold at the Christie's Hong Kong Chinese Paintings Auction for US$6,235,500, a world auction record for the artist.
*In 2008, the Ink and wash painting of Gundam drawn by Hisashi in 2005 was sold in the Christie's auction held in Hong Kong with a price of US$600,000.
* On 24 May 2008, '' Le Bassin Aux Nymphéas'' by Claude Monet was sold for a price of $80.4 million, the highest price ever for a Monet.
* Over a three-day sale in Paris in February 2009, Christie's auctioned the monumental private collection of Yves Saint Laurent and Pierre Bergé for a record-breaking 370 million euros (US$490 million). It was the most expensive private collection ever sold at auction, breaking auction records for Brâncuși, Matisse, and Mondrian. The "Dragons" armchair by Irish furniture designer Eileen Gray sold for 21.9 million euros (US$28 million), setting an auction record for a piece of 20th century decorative art.
*In 2009, controversy arose again after the auction of two imperial bronze zodiac sculptures (for US$36 million) collected by Yves Saint Laurent, stemming from the fact that these items were looted in 1860 from the Old Summer Palace of Beijing by French and British forces at the close of the Second Opium War.
*Christie's Hong Kong, November 2009 sale of Fine Modern Chinese Paintings, sold a work by Fu Baoshi titled ''Landscape inspired by Dufu's Poetic Sentiments'', for HK$60,020,000 (US$7,780,105) – a world record for the artist.
*Christie's auctioned Pablo Picasso's '' Nude, Green Leaves and Bust'' on 4 May 2010. The piece sold for US$106.5 million, making the sale among the most expensive paintings ever sold.
*On 14 June 2010 Amedeo Modigliani's '' Tête'', a limestone sculpture of a woman's head, became the second most expensive sculpture ever sold and the most expensive work of art sold in France.
*On 18 April 2012, the silver cup given to the marathon winner, Greek athlete Spyridon Louis, at the first modern Olympic Games staged in Athens in 1896 sold for GB£541,250 (US$860,000), breaking the auction record for Olympic memorabilia.
*On 22 June 2012, George Washington's personal annotated copy of the ''Acts Passed at a Congress of the United States of America'' from 1789, which includes The Constitution of the United States and a draft of the Bill of Rights, was sold at Christie's for a record $9,826,500, with fees the final cost, to The Mount Vernon Ladies' Association. This was the record for a document sold at auction.
*On 12 November 2013, Francis Bacon's '' Three Studies of Lucian Freud'' sold for 142.4 million (including the buyer's premium) to an unnamed buyer, nominally becoming the most expensive work of art ever to be sold at auction.
*On 11 May 2015, Pablo Picasso's '' Les Femmes d'Alger ("Version O")'' sold for 179.3 million to an unnamed buyer, becoming the most expensive work of art ever to be sold at auction at Christie's New York. In November of the same year, Amedeo Modigliani's ''Nu Couché'' (1917–18) sold at Christie's in New York for $170.4 million, making it the second most expensive work sold at auction.
*In May 2016, the Oppenheimer Blue diamond sold for 56.837 million SFr, a record price for a jewel at auction.
*On 7 July 2016, the highest price ever sold for an old master painting at Christie's was achieved with £44,882,500 / $58,167,720 / €52,422,760 for Rubens' Lot and his Daughters.
*On 11 November 2017, a Patek Philippe Titanium wristwatch Ref. 5208T-010 was sold for 6.226 million US dollars ( CHF 6,200,000) in Geneva, making it one of the most expensive watches ever sold at auction.
*On 15 November 2017, Leonardo da Vinci's '' Salvator Mundi'' sold for a record $450.3 million (including buyer's premium).
*On 4 July 2019, a bust fragment of Tutankhamun was sold for £4.7 million. The Egyptian Ministry of Antiquities had tried to stop the auction, citing concerns that the bust had been looted from a temple and illegally taken from Egypt in the 1970s.
*On 25 June 2020, Christie's sold a Timurid Quran manuscript, described as "rare and breathtaking", for £7 million (with fees), ten times its estimate. The price was the highest price ever paid for a Quran manuscript. Probably created at a Timurid prince's court, the manuscript comprised 534 folios of Arabic calligraphy on "gold-flecked, coloured paper from Ming China". The sale was criticized that since the "object apparently has no provenance prior to the 1980s, we can’t know anything about the context in which it was removed from its country of origin."
*In October 2020, Christie's sold Stan, one of the world's most complete ''Tyrannosaurus rex'' skeletons for $31.8 million USD, setting a new world record for any dinosaur skeleton or fossil ever sold at auction at the time.

Criticism

Price-fixing scandal in 2000

In 2000, allegations surfaced of a price-fixing arrangement between Christie's and Sotheby's. Executives from Christie's subsequently alerted the Department of Justice of their suspicions of commission-fixing collusion.

Christie's gained immunity from prosecution in the United States as a longtime employee of Christie's confessed and cooperated with the US Federal Bureau of Investigation. Numerous members of Sotheby's senior management were fired soon thereafter, and A. Alfred Taubman, the largest shareholder of Sotheby's at the time, took most of the blame; he and Dede Brooks (the CEO) were given jail sentences, and Christie's, Sotheby's and their owners also paid a civil lawsuit settlement of $512 million.

Insufficient or invalid provenance for looted artifacts

Christie's has been criticized for "an embarrassing history of a lack of transparency around provenance". In May 2020, Hobby Lobby sued the auction house for its sale of a Gilgamesh tablet, allegedly while knowing it had a fake provenance. In June 2020, they were forced to withdraw four Greek and Roman antiquities from sale after it was discovered that they came from "sites linked to convicted antiquities traffickers". The same month, they were criticized for putting up a Benin plaque and two Igbo alusi figures for auction. The plaque was tied to similar plaques taken from Nigeria during the Benin Expedition of 1897 and remained unsold after an auction was held. The alusi figures are alleged to have been taken from Nigeria during the Nigerian Civil War and were sold for €212,500 (after fees), below their low estimate of €250,000. Christie's claims to require "verifiable documented provenance that the object was taken out of its source nation prior to the earlier date of 2000, or the date which is legally applicable between the country in which the sale takes place and the source nation".

In November 2014, Christie's had to withdraw a prehistoric sculpture from Sardinia, valued at $800,000–$1.2m, put on auction by Michael Steinhardt, a US-billionaire, who was given a lifetime ban on acquiring further antiquities by the Manhattan district attorney's office in 2021. After having acquired artworks with unverified provenance for years, for example by convicted art dealer Giacomo Medici, Steinhard's collection had been subjected to search warrants and investigations since 2017. He finally surrendered 180 looted and illegally smuggled antiquities valued at $70m. According to The Guardian, the district attorney said: “For decades, Michael Steinhardt displayed a rapacious appetite for plundered artefacts without concern for the legality of his actions, the legitimacy of the pieces he bought and sold or the grievous cultural damage he wrought across the globe.

Christie's Fine Art Storage Services (CFASS)

Christie's first ventured into storage services for outside clients in 1984, when it opened a 100,000 square feet brick warehouse in London that was granted "Exempted Status" by HM Revenue and Customs,Kelly Crow (26 April 2010)
The Ultimate Walk-In Closet: Christie's Offers Art Storage in Brooklyn
'' The Wall Street Journal''. meaning that property may be imported into the United Kingdom and stored without incurring import duties and VAT. Christie's Fine Art Storage Services, or CFASS, is a wholly owned subsidiary that runs Christie's storage operation.

In September 2008, Christie's signed a 50-year lease on an early 1900s warehouse of the historic New York Dock CompanyLaura Gilbert (26 April 2013)
An exodus from Red Hook
'' The Art Newspaper''. in Red Hook, Brooklyn, and subsequently spent $30 million converting it into a six-storey, 250,000 square feet art-storage facility. The facility opened in 2010 and features high-tech security and climate controls that maintain a virtually constant 70° and 50% relative humidity.

Located near the Upper Bay tidal waterway near the Atlantic Ocean, the Brooklyn facility was hit by at least one storm surge during Hurricane Sandy in 2012. CFASS subsequently faced client defections and complaints arising from damage to works of art. In 2013, AXA Art Insurance filed a lawsuit in New York court alleging that CFASS' "gross negligence" during the hurricane damaged art collected by late cellist Gregor Piatigorsky and his wife Jacqueline Rebecca Louise de Rothschild. Later that year, StarNet Insurance Co., the insurer for the LeRoy Neiman Foundation and the artist's estate, also filed a lawsuit in New York Supreme Court claiming that the storage company's negligence caused more than $10 million in damages to Neiman's art.

Educational and other ventures

Christie's Education previously offered Master degree programs in London and New York, but they were planned to be phased out in 2019. In 2020, in the aftermath of the murder of George Floyd, Christie's noted that there was a lack of racial diversity in the art world, and admitted that Christie's degree programs only exacerbated these inequities.

However, Christie's continue to offer non-degree programmes in London, New York, Hong Kong and Amsterdam as well as online. In addition they offer an Art Business Masterclass Certificate and the Luxury Masterclass Certificate.

With Bonhams, Christie's is a shareholder in the London-based Art Loss Register, a privately owned database used by law enforcement services worldwide to trace and recover stolen art.

Management

* 1999–2010: Edward Dolman
* 2010–2014: Steven Murphy
* 2014–2017: Patricia Barbizet
* 2017–present: Guillaume Cerutti

References

Bibliography

* J. Herbert, ''Inside Christie's'', London, 1990 ()
* P. A. Colson, ''The Story of Christie's'', London, 1950
* H. C. Marillier, ''Christie's, 1766–1925'', London, 1926
* M. A. Michael, ''A Brief History of Christie's Education... '', London, 2008 ()
* W. Roberts, ''Memorials of Christie's'', 2 vols, London, 1897
* "Going Once." Phaidon Press, 2016. .

External links

*
*
*
*

Christie's page on Arcadja Art database with several auction catalogs


– ''Daily Telegraph'' obituary

Christie's Fine Art Storage Services
– Official website

{{Authority control

Auction houses based in New York City
Retail companies established in 1766
London auction houses
Price fixing convictions
1766 establishments in England
British companies established in 1766
Archaeological theft